Contract renewal is vital for business success. This LinkedIn post notes that’s because it enables companies to maintain strong relationships with business partners to build better trust and confidence. Contract renewal is also a good opportunity to improve contract terms and conditions. However, this lengthy—and sometimes complicated—process can often be cumbersome, hampering workflows and professional relations for both parties involved.
That’s why businesses should consider using contract renewal management software instead of manually renewing contracts every time they expire. If you’re interested in this system, keep reading below to discover what it is, the benefits of using it, and how businesses can make the most of it:
What is contract renewal management software?
You might already be familiar with contract automation software, which assists you in generating contracts and eliminating routine administrative work. DocuSign’s electronic signature and contract lifecycle software is a popular example. Users can place their e-signatures on digital documents, making the process simpler. However, this may not be enough to prevent revenue loss. Typical contract automation software is limited to contract signing and automation—not renewals.
This is where contract renewal management software comes in. It enables businesses to automate and accelerate the contract renewal process so contract issues don’t get in the way. Take SOFTRAX’s contract renewal management software, which lets you track each contract’s status while in the renewal process. As a result, you and your business partners can immediately access the data needed for timely renewals to prevent revenue loss. You can even follow up or raise concerns if you see a contract stuck on a particular step for more efficient contract renewals.
What are the benefits of using contract renewal management software?
Streamlined contract renewal
Manual contract renewal processes involve sending contracts back and forth between parties. Each update often comes with notes to negotiate revisions, such as requests to edit terms and conditions or to change a contract’s validity period. These factors can prolong the process. Contract renewal management software aids this problem since businesses and their clients and partners only have to look at one platform to access the contract, track its progress, raise concerns, and agree to any new terms. In this way, contract renewals are made quicker and simpler for everyone involved.
Increased contract security
Another disadvantage of handling manual contracts during renewal is security. If physical contracts get lost or misplaced or a third party accesses a digital contract, sensitive information can fall into the wrong hands. You don’t have to worry about this when using contract renewal management software. Our post “What Is A Managed Service Provider?” (MSP) explains how MSPs take full responsibility for the security, administration, and maintenance of the client’s computer systems. Similarly, contract renewal management software has enhanced security features to maintain the safety of your documents. By following strict cybersecurity protocols, such as only allowing access to authorized personnel, you can rest assured that no sensitive information is leaked.
How businesses can maximize contract renewal management software
Take advantage of push notification features
Contract renewal management software has push notification features to update users when a contract has moved on to the next step and remind them when renewal is due. Turning on this feature can make the renewal process quicker by reducing response times between parties. By taking advantage of this, you can ensure faster renewal processes for your business.
Create a simple automatic renewal option
For years-old business partnerships that have undergone multiple contract renewals, you can use contract renewal management software’s automated features to make renewal even quicker. Since you’re unlikely to revise contracts with a trusted partner anytime soon, you can arrange for them to renew automatically on a certain date. This may only require signatures or a press of a button for added convenience.
Contract renewal management software can be a beneficial tool for businesses. For streamlined, secure, and convenient renewal processes, consider investing in this software.